Home price drops exceed Great Depression: Zillow

Retuers ^ | January 12, 2011 | Steve Bartin

[Tom Rounder]

Home prices fell for the 53rd consecutive month in November, taking the decline past that of the Great Depression for the first time in the prolonged housing slump, according to Zillow.

[Tom Rounder]

Remember when the housing experts said this could never happen?

[cableguymn]

It’s the summer of recovery! /s

I’m still waiting to buy my first house with a foundation. I am currently living in my down payment (mobile home) When I think they have bottomed out, I’ll sell this place and buy a house.

[tflabo]

Thanks a lot Barney Fag and other lying Rats of Fannie n Freddy

[tflabo]

Thanks a lot Barney Fag and other lying Rats of Fannie n Freddy

[kittymyrib]

Cities are going to really feel the pinch when real estate valuations continue to plummet, decreasing their tax revenues. Governments at all levels need to be reduced by the same percentage as real estate values have fallen.

[Le Chien Rouge]

Should we stop with the Great Recession nonsense and start calling what the current economic downturn really is: Great Depression 2.0??

[HereInTheHeartland]

“Cities are going to really feel the pinch when real estate valuations continue to plummt”

That’s been happening for quite awhile already

[DannyTN]

Tennessee has a law that property assessments must be revenue neutral. So when they go out and reevaluate everyone’s property, they have to drop the overall tax rate on the new values so that total tax revenue would be what it was before the new assessments.

Unfortunately, this would work in reverse as well. New assessments that are lower, would require raising the tax rate.

[MichiganConservative]

The Great Depression 2.0 is going to be worse than the Great Depression 1.0, if it isn’t already.

[Avery Iota Kracker]

My property taxes go up consistently despite a consistent drop in property values. These thieves will not be deterred by a sinking housing market from getting their pound of flesh.

[DrC]

“Tennessee has a law that property assessments must be revenue neutral.”

Wish we had that in NC. Just checked Zillow and saw that despite our property value declining, the absolute value of taxes we’ve been paying for the past 5 years has gone up from 3.5% to 7% every year—WAY ahead of inflation.

[Notary Sojac]

An unprecedented bubble must needs be followed by an unprecedented POP.

We crammed two and a half decades of housing inflation into the five years 2002-2006, so it's totally reasonable to expect that those prices will not return until the 2030's.

[Jeff Winston]

Home prices fell for the 53rd consecutive month in November...

This doesn't make sense. I thought home prices only go up.

[packrat35]

That’s what a lot of Freepers were saying in 2005-2008 here. You can check it out.

[going hot]

The Obamacession

[Oatka]

Home prices fell for the 53rd consecutive month in November

I wonder how all those people who ignored the "Don't try to catch a falling knife" bromide and rushed in to buy a house at "these bargain prices" are feeling now?

Granted one has to live somewhere, but this decline is far from over and prudence is still the name of the game. There will be other shocks (job loss, huge personal tax increases, etc.) so that even if prices stabilize, in may only be for a short while. Cash and mobility are the catchwords in this mess.